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TIDE WEST OIL COMPANY ANNOUNCES DRACO GAS PARTNERS CLOSED PURCHASE OF OIL AND GAS PROPERTIES FROM ORYX ENERGY COMPANY

 TIDE WEST OIL COMPANY ANNOUNCES DRACO GAS PARTNERS CLOSED PURCHASE
 OF OIL AND GAS PROPERTIES FROM ORYX ENERGY COMPANY
 HOLDENVILLE, Okla., Sept. 3 /PRNewswire/ -- Tide West Oil Company (NASDAQ: TIDE) announced today that Draco Gas Partners, L.P. has closed the purchase of 139 oil and gas properties from Oryx Energy Company. The properties, located in Oklahoma and Texas, were purchased for $22 million. Total net proved reserves are estimated by Draco to be approximately 35 billion cubic feet of gas and 660,000 barrels of oil.
 It has been previously announced that Draco is currently being acquired by Tide West.
 Tide West Oil Company has been engaged primarily in exploration and development drilling in the Austin Chalk Trend in South Texas, the Anadarko Basin in western Oklahoma, and the Arkoma Basin in southeastern Oklahoma.
 Draco has been engaged in the acquisition and development of oil and gas properties throughout the Mid-Continent region of the United States. The equity of Draco is owned approximately 12 percent by management and 88 percent by Natural Gas Partners, L.P. (NGP), a $200 million partnership organized by financier Richard Rainwater of Texas and managed by R. Gamble Baldwin. Representatives of Natural Gas Partners are expected to become directors of Tide West following the acquisition.
 -0- 9/3/92
 /CONTACT: Douglas J. Flint, president of Tide West Oil Company, 405-379-5417, or Larry Howell of Howell Communications, Inc., 214-340-9994, or Philip B. Smith of Draco Gas Partners, L.P., 918-250-7666/
 (TIDE) CO: Tide West Oil Company; Draco Gas Partners, L.P. ST: Oklahoma IN: OIL SU: TNM


PS -- NY069 -- 6464 09/03/92 13:32 EDT
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Publication:PR Newswire
Date:Sep 3, 1992
Words:271
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